SHÁKA RASHEED JOINS OPEN OPPORTUNITY FUND AS GENERAL PARTNER TO LEAD CAPITAL DEVELOPMENT

Rhea-AI Summary

Open Opportunity Fund, a venture capital firm focusing on diverse-founded software companies, has announced Sháka Rasheed as its new General Partner. Rasheed, with extensive experience in financial services and technology, will lead capital development and portfolio value creation. His background includes senior roles at Bridgewater, Lazard, Citadel, J.P. Morgan, Salesforce, and Microsoft.

The fund has invested $100 million in 75 Black- and Latino-led tech companies, achieving seven exits. It's now raising Fund 2 to continue this strategy, addressing the disparity in venture capital funding for Black and Latino founders, who received less than 3% of VC funding in 2022 despite comprising over 30% of the U.S. population.

Positive

• Appointment of Sháka Rasheed as General Partner, bringing extensive experience in capital formation and value creation
• Successful investment of $100 million in 75 Black- and Latino-led tech companies
• Achievement of seven exits from the portfolio
• Initiation of Fund 2 to continue the successful investment strategy

Negative

• None.

WALL STREET VETERAN SHÁKA RASHEED JOINS MARCELO CLAURE AND PAUL JUDGE AS PART OF FIRM'S NEXT STAGE OF GROWTH

ATLANTA, Sept. 17, 2024 /PRNewswire/ -- Open Opportunity Fund, a venture capital firm focused on investing in software companies founded by diverse entrepreneurs, today announced that Sháka Rasheed, financial services and technology executive, has joined the firm as General Partner, leading capital development and portfolio value creation. Rasheed brings senior leadership experience in building and leading capital formation teams at some of the world's most premier alternative asset management firms including Bridgewater, Lazard, Citadel and J.P. Morgan, as well as scaling growth at global technology companies including Salesforce and Microsoft.

Throughout his career, Sháka has successfully raised billions in capital across various investor segments, including family offices, pension funds, endowments, foundations, sovereign governments, central banks, insurance companies and bank platforms, among others. Rasheed's deep financial services experience has spanned prominent leadership roles at some of the world's most premier asset management firms, including Head of Sales & Marketing at Bridgewater Associates; Managing Director and Head of Alternatives, Americas at Lazard Asset Management; Director, Global Distribution at Citadel Asset Management; and over 15 years at J.P. Morgan Chase, culminating as Managing Director within the Institutional Investment Management Division.

His proven ability to drive organizational growth through innovative go-to-market strategies has established him as a visionary leader across financial services and technology.

Most recently, Rasheed served as Senior Vice President at Salesforce, where he managed the company's billion-dollar Strategic Banking & Wealth Management business. Prior to Salesforce, Rasheed was Managing Director and General Manager of the U.S. Capital Markets business at Microsoft, where he played a crucial role in scaling it into the fastest growing sub-vertical within the Financial Services division. While at Microsoft, Sháka also served as an Expert Network Member and Advisor for M12 (Microsoft's Corporate venture capital business), where he guided portfolio companies, founders, and senior management teams on their strategic goals and go-to-market approach for market expansion and growth. Shaka is currently an Independent Director on the Board of DigitalBridge Group, Inc. (NYSE: DBRG), a global firm that owns, operates, and invests in businesses such as data centers, cell towers, fiber networks, small cells, and edge infrastructure, managing more than $80 billion on behalf of its limited partners and shareholders. Rasheed holds a bachelor's degree from Morehouse College and earned an MBA from Harvard University.

Opportunity Fund 1 has invested $100 million into 75 Black- and Latino-led tech companies. Its diverse portfolio includes companies such as Atomic, Brex, Career Karma, Cityblock Health, Eight Sleep, Esusu, Lumu, Paystand, QuickNode, Squire, and Subject. The fund has successfully achieved seven exits, demonstrating its commitment to fostering innovation and driving impactful growth in underrepresented communities. As the firm looks to the future, it is now raising Fund 2 to continue executing this strategy.

In 2022, Black and Latino founders received less than 3% of venture capital funding, despite comprising over 30% of the United States population. Research has consistently shown that diverse companies yield greater results, producing higher profits and exit multiples.

"I am excited to join Open Opportunity Fund, a firm that stands at the forefront of innovation in the venture capital space," said Sháka Rasheed. "With a strong foundation and a clear focus on making impactful investments, the potential to scale the firm into a major player in the industry is immense. I am eager to bring my experience in capital formation and value creation to the team, and to help drive the continued success and growth of our firm."

"Sháka's appointment is a key move in our strategy to strengthen our leadership team," said Paul Judge, Managing Partner of Open Opportunity Fund. "His deep expertise in financial services and proven track record in driving growth will be instrumental as we continue to scale our organization and expand our investment capabilities."

"We are thrilled to welcome Sháka to our team," said Marcelo Claure, Vice Chairman and General Partner, Open Opportunity Fund. "His capital development expertise, honed at some of the world's most respected alternative asset managers and technology companies, aligns perfectly with our mission. Sháka will be instrumental as we continue to scale the firm."

For more information, visit http://TheOpportunityFund.com and follow @OpportunityFund on X and Instagram.

For media and interview requests, please contact
media@theopportunityfund.com 

About Open Opportunity Fund

Open Opportunity Fund is a technology venture capital firm focused on investing in software companies founded by outstanding diverse founders. Open Opportunity Fund's portfolio spans enterprise IT, artificial intelligence, fintech, and digital health sectors. Opportunity Fund 1 is a $100 million fund with SoftBank as an anchor LP. The firm has invested in 75 Black- and Latino-led tech companies including Atomic, Brex, Career Karma, Cityblock Health, Eight Sleep, Esusu, Lumu, Paystand, QuickNode, Squire, and Subject. The fund has achieved seven portfolio company exits. In 2023, the team led by Paul Judge and Marcelo Claure acquired the Fund from SoftBank and announced Fund 2 to continue to execute the thesis.

View original content to download multimedia:https://www.prnewswire.com/news-releases/shaka-rasheed-joins-open-opportunity-fund-as-general-partner-to-lead-capital-development-302250434.html

SOURCE Open Opportunity Fund

FAQ

Who is Sháka Rasheed and what is his new role at Open Opportunity Fund?

Sháka Rasheed is a financial services and technology executive who has joined Open Opportunity Fund as General Partner, leading capital development and portfolio value creation.

How much has Open Opportunity Fund invested in diverse-led tech companies?

Open Opportunity Fund has invested $100 million in 75 Black- and Latino-led tech companies through its Opportunity Fund 1.

What is the focus of Open Opportunity Fund's investments?

Open Opportunity Fund focuses on investing in software companies founded by diverse entrepreneurs, particularly Black and Latino founders.

How many exits has Open Opportunity Fund achieved from its portfolio?

Open Opportunity Fund has successfully achieved seven exits from its portfolio of investments.

What percentage of venture capital funding did Black and Latino founders receive in 2022?

In 2022, Black and Latino founders received less than 3% of venture capital funding, despite comprising over 30% of the United States population.